FICO 10T and Mortgages: Why That Score Can't Close Your Loan Yet
Jessica's Exciting Phone Call
A situation that comes up often with buyers these days starts with excitement. A buyer I'll call Jessica got a call from a lender who told her that her FICO Score 10T put her well above what she needed to qualify for the home she wanted. She called me right after, ready to celebrate. I had to slow things down and explain something important: that score, as impressive as it sounded, could not actually close her loan.
What Most People Get Wrong About FICO 10T
FICO 10T has been discussed in the mortgage and credit industry for a while now as a next-generation scoring model. It's a real thing, and it does produce real scores. But a score existing is different from a score being usable in the mortgage process. Many agents, buyers, and even some lenders assume that because a scoring model has been announced or is being tested, it's already part of standard underwriting. That assumption is where files run into trouble, especially when a timeline or contract gets built around a number that isn't actually eligible yet.
What The Rule Actually Says
FHFA, the agency that oversees Fannie Mae and Freddie Mac, maintains a policy page on Credit Scores. As of the most recent update, the language is direct: "FICO Score 10T is not currently eligible for delivery, and the Enterprises will provide additional guidance when FICO Score 10T becomes available for loan deliveries." The Enterprises are Fannie Mae and Freddie Mac. If they haven't cleared a scoring model for delivery, loans cannot be sold using that score. That means a FICO 10T number, no matter how strong it looks, cannot be the basis for a closed conventional loan right now.
How I Handled Jessica's File
For Jessica, I pulled her credit using the scoring models that are actually eligible today. Her real numbers still supported the approval she needed. There was no scramble, no renegotiation, and no surprise at the closing table, because we never built her expectations around a score that wasn't ready for delivery in the first place.
The One Question That Protects You
Here's the tactical piece every agent and buyer should keep in their back pocket: if a lender advertises or quotes a FICO 10T score today, ask them directly how they are delivering that loan with it. FHFA says it is not yet eligible. That single question will tell you quickly whether the lender is working with current, usable guidelines or getting ahead of where the industry actually stands.
Why This Matters For Agents and Referral Partners
For real estate agents, this isn't just a credit-score footnote. It affects contract timelines, buyer expectations, and whether a file closes on schedule. Knowing the difference between a score that exists and a score that's deliverable can save a transaction from last-minute delays.
I'm Jason Sharon, a licensed mortgage broker with Home Loans Inc, serving Charleston and the surrounding region. I keep track of exactly which scoring models are eligible for delivery so my clients and their agents are never caught off guard. If you or a client have been quoted a score you're not sure is actually usable, give me a call at 843-569-7283 and I'll find the path.
